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Wiley CPASummary of July 2021 Content Updatesefficientlearning.com/cpaPage 1

Wiley CPAJuly 2021 Content UpdatesJuly 2021Dear Future CPAs:What an amazing and (dare we say it?) unprecedented year this has been! While the challenges of the last yearhave been many, the bright side is that for many candidates, a quieter year means more time to focus on CPAstudies. The AICPA has reported higher pass rates this year as those who stayed the course came one stepcloser to realizing their dream of becoming a CPA! But whether this year was quiet or hectic, we look forward toworking with you as you prepare to take this monumental career and life step.In 2019, the AICPA conducted a Practice Analysis to reevaluate, in cooperation with industry leaders such asaccounting firms and universities, what newly licensed CPAs need to know in their first years on the job. Theanalysis reflected that CPAs now require more business acumen, understanding business processes frominception to completion. In addition, data and technology continue to usher in an evolution in the industry. To bestprepare you for today’s role of CPA, the updated AICPA blueprints reflect the real-world skills you will need tosucceed as a newly licensed CPA.Major changes include: Increased emphasis on understanding business processes, digital and data-driven mindset, and SOC inboth AUD and BEC.Removal of IFRS in FAR.Removal of estate taxation in REG.At Wiley, we have you covered. The newest release of Wiley CPA has integrated all the blueprint changes eligiblefor testing on July 1, 2021. In addition, we have added new content such as multiple-choice questions, task-basedsimulations, and flashcards, so that you’re prepared on test day. If you will be sitting for the exam on July 1 orafter, be sure to update your Sit Date in the Exam Planner to receive this new material appropriate for your exam.And remember, if life throws you some unexpected curveballs, our Access Until You Pass guarantee means youhave access to the product until you have successfully passed. No fine print. No exceptions.We are honored to be with you on this journey.Your Partner Until You Pass,The Wiley CPA TeamNeed to access yourupdated products?Log inCommitted to passingthe exam in 2021?Shop Productsefficientlearning.com/cpaWant to take afree test drive?Free TrialPage 2

Wiley CPAJuly 2021 Content sAUD Auditing and AttestationChanges and ImprovementsAICPA Blueprint Changes Increased emphasis on understanding business processes, digital and data driven mindset (including dataanalytics), and SOC.Increased focus on sources and testing of evidence.Continued and increased emphasis on analytical skills and problem solving.Content Weighting:o Increased Area II (Risk Assessment and Planning) from 20%-30% to 25%-35%o Decreased Area IV (Reporting) from 15%-25% to 10%-20%Skill Weighting:o Decreased Remembering and Understanding from 30%-40% to 25%-35%o Increased Analysis from 15%-25% to 20%-30%Full current AUD blueprints are available here: AICPA July 2021 Blueprints.Pronouncement Changes No pronouncement changes for July 1, 2021.Other Changes The following lesson is updated with new study and video:o AUD I. Ethics, Professional Responsibilities, and General Principles Requirements of SEC and PCAOB Securities and Exchange Commission (SEC)o AUD IV. Forming Conclusions & Reporting Other Professional Services PCAOB on Reporting on I/C in anIntegrated AuditAdditional Improvements New task-based simulations.efficientlearning.com/cpaPage 3

Wiley CPAJuly 2021 Content UpdatesJuly 2021 Content UpdatesBEC Business Environment and ConceptsChanges and ImprovementsAICPA Blueprint Changes Increased emphasis on understanding business processes, digital and data driven mindset (including data analytics), and SOC.Continued and increased emphasis on analytical skills and problem solving.Content Weighting:o Increase Area I (Corporate Governance) from 17%-27% to 20%-30%o Decrease Area II (Economics) from 17%-27% to 15%-25%o Decrease Area III (Financial Management) from 11%-21% to 10%-20%Full current BEC blueprints are available here: AICPA July 2021 Blueprints.Pronouncement ChangesNo pronouncement changes for July 2021.Other Changes The following all-new lesson was added:o BEC IV. Information Technology Role of Information Technology in Business Software, Data Warehouses, andDecision Support The following lesson has updated:o BEC IV. Information Technology Roles of Information Technology in Business System Types by Activity The following lesson has renamed:o Previous Name: BEC IV. Information Technology Roles of Information Technology in Business Data Structures,Software, and Databaseso New Name: BEC IV. Information Technology Roles of Information Technology in Business Databases and DataStructure The following lessons have been removed and appropriate content reallocated to other lessons:o BEC IV. Information Technology Roles of Information Technology in Business System Types by Activityo BEC IV. Information Technology Roles of Information Technology in Business System Types by Data Structure The lessons in the following sections have been updated and re-recorded by Northern Illinois University Instructor Liz Grant:o BEC II. Economic Concepts and Analysis Macroeconomicso BEC III. Financial ManagementAdditional Improvements New task-based simulations.efficientlearning.com/cpaPage 4

Wiley CPAJuly 2021 Content UpdatesJuly 2021 Content UpdatesFAR Financial Accounting and ReportingSummary of ChangesAICPA Blueprint Changes Removal of IFRS.Continued and increased emphasis on analytical skills and problem solving.Full current FAR blueprints are available here: AICPA July 2021 Blueprints.Pronouncement Changes GASB Statement No. 95: Postponement of the Effective Dates of Certain Authoritative Guidanceo Statement No. 87, Leases, eligible for testing 21Q3o Statement No. 92, Omnibus 2020 (par 6,7,8,9,10, & 12), eligible for testing 21Q3o Statement No. 93, Replacement of Interbank Offered Rates (par 13 & 14), eligible for testing 21Q3Other Changes The following all-new lesson was added:o FAR Conceptual Framework, Standard-Setting and Financial Reporting Financial Statements of Employee BenefitPlans Pension Plan Reporting The following lessons have been removed:o FAR I. Conceptual Framework, Standard-Setting and Financial Reporting International Financial ReportingStandards (IFRS) IASB Accounting Standardso FAR I. Conceptual Framework, Standard-Setting and Financial Reporting International Financial ReportingStandards (IFRS) IASB Frameworko FAR I. Conceptual Framework, Standard-Setting and Financial Reporting International Financial ReportingStandards (IFRS) IFRS for SMEso FAR I. Conceptual Framework, Standard-Setting and Financial Reporting International Financial ReportingStandards (IFRS) IFRS – General Purpose Financial Statementso FAR I. Conceptual Framework, Standard-Setting and Financial Reporting Consolidated Financial Statements IFRS—Consolidationso FAR I. Conceptual Framework, Standard-Setting and Financial Reporting Public Company Reporting Topics (SEC,EPS, Interim, and Segment) Earnings Per Share Earnings per Share and IFRSo FAR II. Select Financial Statement Accounts Inventory Inventory and IFRSo FAR II. Select Financial Statement Accounts Property, Plant and Equipment Impairment and IFRSo FAR II. Select Financial Statement Accounts Property, Plant and Equipment PPE and IFRSo FAR II. Select Financial Statement Accounts Nonmonetary Exchange Nonmonetary Exchanges and IFRSo FAR II. Select Financial Statement Accounts Investments IFRS—Investments in Equity and Debt Securitieso FAR II. Select Financial Statement Accounts Intangible Assets—Goodwill and Other Intangibles and IFRSo FAR II. Select Financial Statement Accounts Payables and Accrued Liabilities IFRS Contingencieso FAR II. Select Transactions Employee/Retiree Benefit Plans Pension Principles, Reportingo FAR II. Select Transactions Employee/Retiree Benefit Plans Pension Expense Basicso FAR II. Select Transactions Employee/Retiree Benefit Plans Pension Expense Delayed Recognitiono FAR II. Select Transactions Employee/Retiree Benefit Plans Pension Plan Reporting, Internationaefficientlearning.com/cpaPage 5

Wiley CPAooooJuly 2021 Content UpdatesJuly 2021 Content UpdatesFAR II. Select Transactions Employee/Retiree Benefit Plans Postretirement BenefitsFAR II. Select Transactions Business Combinations Acquisition Method of Accounting IFRS—BusinessCombinationsFAR II. Select Transactions Financial Instruments IFRS—Financial InstrumentsFAR II. Select Transactions Financial Instruments IFRS—Hedging The following all-new lesson has been added:o FAR I. Conceptual Framework and Financial Reporting Consolidated Financial Statements Financial Statements ofEmployee Benefit Plans Pension Plan Reporting The following lessons have updated video and/or study text:o FAR I. Conceptual Framework and Financial Reporting General-Purpose Financial Statements Notes to FinancialStatements Risks and Uncertaintieso FAR I. Conceptual Framework and Financial Reporting General-Purpose Financial Statements Notes to FinancialStatements Risks and Uncertaintieso FAR I. Conceptual Framework and Financial Reporting General-Purpose Financial Statements Exit or DisposalActivities and Discontinued Operationso FAR I. Conceptual Framework and Financial Reporting Public Company Reporting Topics (SEC, EPS, Interim, andSegment) U.S. Securities and Exchange Commission (SEC) SEC Reporting Requirementso FAR I. Conceptual Framework and Financial Reporting Public Company Reporting Topics (SEC, EPS, Interim, andSegment) Segment Reportingo FAR II. Select Financial Statement Accounts Cash and Cash Equivalents Casho FAR II. Select Financial Statement Accounts Cash and Cash Equivalents Bank Reconciliationso FAR II. Select Financial Statement Accounts Receivables Accounts Receivable—Accounting and Reportingo FAR II. Select Financial Statement Accounts Receivables Allowance for Uncollectibleo FAR II. Select Financial Statement Accounts Receivables Criteria for Sale of Receivableso FAR II. Select Financial Statement Accounts Receivables Notes Receivable—Impairmento FAR II. Select Financial Statement Accounts Investments Investor Stock Dividends, Splits, and Rightso FAR II. Select Financial Statement Accounts Financial Liabilities and Long-Term Debt Notes Payableo FAR II. Select Financial Statement Accounts Financial Liabilities and Long-Term Debt Modification and DebtRetirement Refinancing Short-Term Obligationso FAR II. Select Financial Statement Accounts Financial Liabilities and Long-Term Debt Modification and DebtRetirement Debt Retiremento FAR II. Select Financial Statement Accounts Financial Liabilities and Long-Term Debt Troubled Debto FAR II. Select Financial Statement Accounts Financial Liabilities and Long-Term Debt Debt Covenant Complianceo FAR II. Select Financial Statement Accounts Financial Liabilities and Long-Term Debt Distinguishing Liabilitiesfrom Equityo FAR II. Select Financial Statement Accounts Equity Owners' Equity Basicso FAR II. Select Financial Statement Accounts Equity Preferred Stocko FAR II. Select Financial Statement Accounts Equity Dividendso FAR III. Select Transactions Revenue Recognition Five Steps of Revenue Recognitiono FAR III. Select Transactions Share-Based Payments Stock Optionso FAR III. Select Transactions Accounting Changes and Error Corrections Accounting Errors—Restatemento FAR III. Select Transactions Financial Instruments Derivatives and Hedging Hedging Introduction(continued on next page)efficientlearning.com/cpaPage 6